Legal Question in Real Estate Law in Florida
Default-llc
If you change your investment
property from personally own to a llc own, can this still hurt you personally if the house goes into a foreclosure
Asked on 7/15/09, 2:25 pm
2 Answers from Attorneys
Frank J. Pyle
Probate Attorney Throughout Florida
Re: Default-llc
Sure, if you signed the original mortgage before transferring the property to the LLC. Plus, the mortgage undoubtedly has a "due-on-sale" clause, meaning they can call the loan due immediately when they learn of the transfer.
Answered on 7/15/09, 2:33 pm
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